- UK infrastructure debt investor GCP Infrastructure Investments reported a fall in first-half profit as portfolio valuations were hurt by revisions to long-term valuation assumptions.

For the year ended 31 March, profit fell to £3.8 million from £17.2 million year-on-year as income fell to £10.7 million from £25.4 million.

'The company's income and net asset value have been impacted by reduced valuations resulting from the announcement of an increase in the corporation tax rate from 19% to 25% from 2023, reduced long-term electricity price forecasts and lower OBR inflation forecasts published in the period,' the company said.

Total shareholder return fell 8.8%, compared with a 8.1% decline a year earlier.

Net asset value per ordinary share at 31 March 2021 was 100.78 pence per share, down from 109.83 pence per share.

The company dividends trimmed its dividend to 3.5 pence per share paid from 3.8 pence per share last year.

, driven by increases taxes, reduced long term electricity price forecasts and lower Office for Budget Responsibility inflation forecasts, over which we have no control.

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